SYRACUSE -- City Hall is about to have a new tenant.
City officials are putting the final touches on a five-year lease agreement with AccuColor Printing Company to occupy a portion of City Hall. Members of the city council voted unanimously at a recent meeting to approve the lease.
The lease calls for payments of approximately $2,733 per month for three years and then bumps that amount to $2,870 in the fourth year of the pact and $3,013 in the fifth year.
The general office space in the southeastern portion of the building will be leased for $13.50 per square foot, according to Robert Rice, city manager. The city has approximately 3,500 square feet of vacant space in the complex.
City Manager Robert Rice told council members that $13.50 per square foot for office space is the going rate and said he would love to have gotten as much as $18, if the market were different.
City offices were moved to the eastern portion of the building in 2011 in anticipation of potentially leasing the space. The building is already home to the post office as well as city offices.
At the behest of Councilman Craig Johnson, there has been discussion of potentially targeting any money from rental fees towards debt associated with the building. The city is still paying off the bond used to build the complex.